Last hour sell-off drags Sensex 289 pts lower; RIL, financials top losers

All that happened in the markets today

3:58 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
BAYER CROP SCI.	3505.00	3505.00	-104.50	-2.90
BIOCON	248.00	248.00	-8.40	-3.28
BOMBAY BURMAH	1106.65	1103.10	-10.85	-0.97
CEAT	922.10	918.65	-11.95	-1.28
CENTRUM CAPITAL	27.20	26.35	-0.85	-3.03

3:57 PM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
BAJAJ FIN.	3519.80	3566.00	-23.05	-0.65
CITY UNION BANK	216.30	219.20	-1.65	-0.76
MANAPPURAM FIN.	141.60	143.80	1.60	1.14
P I INDS.	1155.00	1180.00	12.05	1.05
SYNGENE INTL.	326.55	368.10	-26.40	-7.48

3:57 PM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
YES BANK	115.35	-1.85	-1.58	11681859
GRUH FINANCE	291.85	-16.65	-5.40	9192446
REL. COMM.	1.47	-0.07	-4.55	7164876
PC JEWELLER	57.40	-4.25	-6.89	6546799
DEWAN HSG. FIN.	80.45	-3.80	-4.51	4114053

3:56 PM

Heatmap: S&P BSE Sensex

3:55 PM

Nifty sectoral indices at close

3:54 PM

Market at close

3:33 PM

Market at close

The S&P BSE Sensex ended at 39,452, down 289 points while the broader Nifty50 index settled at 11,811, down 103 points.

3:24 PM

Nifty Auto index is trading over 1% lower

3:22 PM

Reliance Capital extends losses, dips over 9.8%

3:14 PM

Nifty Bank is trading 1.2% lower

3:08 PM

NEWS ALERT | India to impose retaliatory tariffs on 29 US products: CNBC TV18

3:05 PM

Edelweiss on Hexaware

We believe, with the Mobiquity buy, Hexaware has achieved its intended acquisition target. Strategically, Mobiquity looks a perfect fit for Hexaware’s business model as it opens doors to large clients and opportunity to cross-sell its core capabilities. Though the acquisition will lead to short-term stress on balance sheet and could also reduce the dividend payout capability, its synergistic value can be immense if executed properly. We will wait for a few quarters of execution before we reassess our ratings. We maintain ‘HOLD/SP’ with target price of Rs 360 (16x Q2CY20E EPS)

3:04 PM

Emkay Global on IIP numbers

The IIP growth rate touched a six-month high, but it would be too early to expect a reversal in overall economic activity. The high frequency indicators still indicate the consumption as well as investment demand remains weak. Apart from the weak data coming from complementary indicators the adverse base effect would also keep the IIP numbers at subdued level, unless there is a sharp recovery. The pick-up in capital goods segment too seems to be a one-off as the RBI’s assessment of the economy indicates a high output gap

3:04 PM

Edelweiss on Asian Paints

We conclude, post analysis, that not only are the company’s disclosure levels decent, but they also exhibit long-term consistency and stability, inter-alia, on volume growth, cost channelisation (in the right direction), working capital parameters, free cash flow generation and conversion of EBITDA to OCF. The missing link is improvement in performance of subsidiaries, which we envisage to unfold in ensuing years. Maintain ‘BUY’ with a target price of Rs 1,570

3:02 PM

NEWS ALERT | Sold stake in Gruh Finance via block deal: HDFC

Source: BSE filing

3:01 PM

MARKET CHECK

3:00 PM

Centrum on financial sector

Banks will continue to gain market share from NBFCs. We prefer banks having higher-rated corporate loan books given the signs of recovery in the corporate segment. Banks having a strong CASA and retail term-deposit franchises would also be preferred as garnering a sticky liability franchise is important. From our coverage universe, we prefer State Bank of India and ICICI Bank among larger banks and Federal Bank among mid-cap banks

3:00 PM

COMMENT :: Centrum Broking on WPI data

The softening of WPI inflation displays the similar narrative depicted by the retail inflation, with core components reflecting weakening demand and thereby establishing a strong footing for the central bank and the government to reinvigorate the weakening growth impulses.

Going forward, food prices are expected to witness a growth in the near term which could pressurize inflation sequentially. The acceleration in prices will largely depend on the monsoon outcome. Thus, any shortfall in rain is doomed to result in spike of food prices

2:54 PM

Gold Check | Gold jumped more than 1% intra-day to hit highest level since April 2018: Reuters

- Spot gold climbed 1.01% to $1,355.49 per ounce at 1:20 pm

- Bullion has risen 1.1% so far this week

- US gold futures jumped 1.2% to $1,359.50 an ounce

2:47 PM

Elara Capital on Zensar Technologies

We maintain our estimates. We have not taken into account the divesture of the non-core multi-vendor support (MVS) segment that accounted for 4.8% of revenue in FY19 due to uncertainty regarding timing of the divesture. With increased confidence in management’s ability to improve lagging parts of the portfolio, we change our rating to Buy from Accumulate with a new TP of Rs 340 from 280 based on 13x (from 15x FY20E) FY21E P/E. We assign a lower multiple as we look at earnings further out into the future.

2:43 PM

Reliance Securities on KEC International

T&D sector has been a bright spot in the domestic infrastructure space in last couple of quarters with pick-up in order inflow and execution. We reiterate BUY recommendation on the stock with an unrevised Target Price of Rs 383, valuing it at 15x of FY21 earnings.

2:40 PM

Rupee check

Source: Bloomberg

2:37 PM

Smartlink Holdings hit 52-week high today on share buyback

2:36 PM

NEWS ALERT | Tata Comm divests remaining 26% stake in Singapore Data Centre Biz: CNBC TV18

2:24 PM

Prabhudas Lilladher on Avenue Supermart (DMart)

Rating: HOLD 

CMP: Rs1,310 

TP: Rs1,338

We estimate 28 store openings in FY20 and 30 in FY21. We estimate 28.7% sales and 33.1% EBIDTA and 37.4% PAT CAGR over FY19-21 on 50bps margin expansion. D’Mart is planning a QIP (upto 25mn shares) and OFS (to reduce promoter holding to 75%) which can provide an inflow of ~Rs35bn and fund growth. We value the stock at 46xJune21 EPS and arrive at a target price of Rs1338 (Rs1228, 45xFY21 EPS earlier). Long term outlooks remain positive; invest on declines in run upto to QIP and OFS.

2:20 PM

Eros International slides 4.9%

2:14 PM

Stock recommendation by Prabhudas Lilladher

2:14 PM

NEWS ALERT | Biocon gets certificate of good manufacturing practice from EU regulator for Bengaluru unit: CNBC TV18

2:07 PM

IndusInd Bank lost over Rs 9,000 crore market cap in 2 days; stock down 10%

IndusInd Bank has lost an over Rs 9,000 crore market capitalisation (market-cap) in the past two trading days after foreign brokerage UBS downgraded the stock to ‘sell’ from ‘neutral’ on expectations of higher credit costs. Shares of the private sector lender were down 5 per cent at Rs 1,412 on Friday, falling 10 per cent in two days. At 01:45 pm, IndusInd Bank market cap stood at Rs 85,461 crore. It has lost Rs 9,094 crore since Wednesday (June 12) when its market cap was Rs 94,555 crore, the BSE data shows. READ MORE

1:57 PM

Kansai Nerolac slips over 3.2%